A bill to amend the Tax Reform Act of 1986 to delay for 1 year the increase from 80 to 90 percent in the current year liabilty for estimated tax payments by individuals, and for other purposes.

Amends the Tax Reform Act of 1986 to delay from 1987 to 1988 the increase from 80 percent to 90 percent in the current year liability test for estimated tax payments by individuals.

Extends the waiver of estimated tax penalties for underpayments of tax by individuals attributable to the Tax Reform Act of 1986 from April 16, 1987, to April 16, 1988.

Allows certain taxpayers to elect to pay part or all of the taxes for the taxpayer's first taxable year beginning in 1987 in three installments.